Contra Costa County Employees’ Retirement Association (CCCERA) is investing in Blackstone’s latest real estate secondaries fund.

The pension fund has committed $80m (€75.2m) to Blackstone Strategic Partners Real Estate VIII, which invests in funds on the secondary market.

According to sources familiar with the matter, Blackstone has raised approximately $1bn for the fund. Its predecessor raised $1.9bn in 2020.

Blackstone declined to comment.

According to a board meeting report by Timothy Price, CIO of CCCERA, the pension fund is treating the fund as a value-add investment and is hoping generate an internal rate of return in the mid-to-high teens.

According to CCCERA, the Blackstone fund will focus on investments in North America.